(Finance) – TP ICAP Midcap lowered to 9.5 euros per share (from 12.6 euros) the target price on Doxeea company listed on Euronext Growth Milan and active in offering products in the Customer Communications Management (CCM), Digital Customer Experience and Paperless sectors, confirming the judgment on the title to “Buy” given the potential upside of 81%. The revision of the recommendation came after the company reported its first half 2023 results
THE revenues they rose to 12.1 million euros (vs. 11.1 million euros), with a EBITDA under pressure at -0.5 million euros (vs. 1.5 million euros) and a net debt increasing to 18 million euros (vs. 14.4 million euros).
“We decided cautiously to revise our estimates of growth for this year and for the next few years – the analysts write – We have increased financial costs and updated our cost estimates for this year. We believe that, after significant cost reduction in 2024, the company will be able to achieve an EBITDA of 8.1 million euros (compared to 0.6 million euros expected this year) and generate approximately 6 million euros of cash by 2024 (vs. 6.1 million cash burn this year)”.
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